Mid-Year Real Estate Market Update

    Are you thinking of selling your home in Sierra Vista or the surrounding area? If so, you’re likely very interested in the market dynamics and what you can expect to receive when you sell. In this post we’ll take a quick look at how the Sierra Vista real estate market has performed throughout the first half of this year and share a couple of helpful tips.

    Mid-Year Real Estate Market Update

    Median Sales Prices are On The Rise

    While the median home price is down a bit on a year-over-year basis, recent data indicates that the market is heating up. Over the first six months of 2014, the median sold price for a Sierra Vista home was about $149,000, reflecting a drop of a couple of percent over last year. However, in June the median sales price rose to $160,500, an increase of just over 7 percent. As real estate is seasonal, some of this increase will be due to homes selling a bit quicker and buyers tolerating higher listing prices. It could also signal that home prices are on the rise, which is excellent news for homeowners considering a sale.

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    Total Inventory Remains Steady

    While June data is yet to be released, the total number of homes on the market in Sierra Vista remained steady throughout the first half of 2014, with about 505 total listings currently active on the market. This represents about 8 months of inventory for Sierra Vista as around 55-65 homes tend to sell each month.

    Sellers: Plan for a Price Negotiation

    If you’re selling your home, you should plan for a bit of a negotiation with any buyer who is serious about your listing. With quite a bit of real estate inventory available, less aggressive buyers will prefer to test out the negotiation process to see if they are able to realize any savings. The best way to ensure you receive the maximum price for your home is to work with an experienced real estate agent. Contact us and we’ll be happy to share our advice.

    Buyers: Be Ready to Move Quickly

    Conversely, buyers who have found that ‘perfect’ new home should be ready to move quickly to close the deal. New listings tend to receive quite a bit of attention when they hit the market, and if you stumble upon a popular home you may find yourself in a bidding war with another buyer if you aren’t fast enough. If you’re buying this summer, you should also note that properties are moving a bit more quickly; the median ‘days on market’ for a property was about 117 days over the first six months of the year but just 97 days for homes sold in the past month.

    For more information about real estate opportunities in Sierra Vista, Fort Huachuca or other communities in the area, contact the Service First Realty team today. You can reach us by phone at (520) 452-0400 or by email through our quick contact form.

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